If an automated tax statement is not available for a listed security, a Manual Tax Statement can be processed using Optical Character Recognition (OCR).
This article will guide you through the process of using OCR functionality embedded in Class to process your Annual Tax Statements.
Please note that neither Stapled Securities nor a Platform/Wrap provider's annual tax statements are supported by this OCR functionality
Navigate to Fund Level > Periodic Processing > Tax Statement Console
- Select the menu icon
against the holding - Select Upload and Extract
- Click Select File... and select the PDF documents stored on your computer
- Select Upload
- Review the amounts
- Click Submit
The document uploaded will need to be in a PDF format. It is best to use a digitally generated PDF, rather than a scanned statement
The total sum of the distributions recorded should be equal to the net distribution amount as per the tax statement document. Otherwise, the OCR process will not function successfully.
Warning Messages
OCR for Tax Statements will use machine learning (ML) to identify possible errors with the extraction process. The following table lists warning messages to help you identify possible errors:
| Error Message | What does it mean? |
| XXXX.XX was adjusted by a balancing figure of XXXX.XX, which is the difference between Cash Distribution of XXXX.XX and Total Attribution Amount of XXXX.XX. | Where the cash distribution received during the financial year is different from the attribution/taxable amount reported in the tax statement, it will result in a balancing adjustment which is either adjusted to Tax Exempted Amounts or CGT Concession Amount. This message has been designed to provide more context and tell you where Class allocated the adjustment. |
| Tax Return Label 13A suggests Foreing Withholding Tax is XXXX.XX but XXXX.XX was found! | It is possible OCR for Tax Statements made an error extracting the correct amount for Foreign Withholding Tax. |
| Tax Return Label 13C suggests Dividends Franked is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for Dividends Franked. |
| Tax Return Label 13Q suggests Franking Credit is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for Franking Credit. |
| Tax Return Label 13R suggests TFN Amount Withheld is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for TFN Amount Withheld. |
| Tax Return Label 13U suggests Non-primary production income is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for either Dividends Unfranked, Interest or Other Income. |
| Tax Return Label 18A suggests Net Capital Gains is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for either Discounted Capital Gain, Capital Gains Indexation Method or Capital Gains Other Method. (Note: this applies to both Domestic and Foreign Amounts). |
| Tax Return Label 20E suggests Foreing Income - Assessable Income is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for Foreign Income excluding Foreign Tax Credits. |
| Tax Return Label 20F suggests Australian franking credits from NZ company is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting Australian franking credits from NZ company which needs to be included/added to Franking Credit. |
| Tax Return Label 20O Foreing Income - Tax Credits is XXXX.XX but XXXX.XX was found! | It is possible an error was made while extracting the correct amount for Foreign Tax Credits. |
What's Next?
See FAQs - Tax Statement OCR knowledge-based article to address scenario-based questions our Support Team have previously answered.